News & Views on Indian Real Estate

Thursday, September 18, 2008

Realtors Have Found A New Reason For Falling Sales

Going through a phase of liquidity crunch, falling sales and delayed projects, real estate developers are now blaming the media. At a Ficci-conducted two-day real estate summit, developers took potshots at the media during a panel discussion accusing them of "trying to be stars at the realtors' expense". Developers such as Mumbai based-Kalpataru Properties, Bangalore based-Sterling Developers Pvt Ltd, Shriram Properties and Parsvnath Developers - all felt aggrieved by the 'negative' coverage in the media. "Journalists are blowing up the issue (of real estate slowdown) to become hot journalists and step into the limelight," said Mr. Mufatraj Munot, chairman, Kalpataru Properties. He said negative publicity in the media was one of the reasons why properties were not being sold. But there are others who are enjoying the media attention. Mr. M Murali, managing director, Shriram Properties, said, "We (realtors) are now like film stars, journalists run behind us for quotes. We should feel like superstars."